Coinbase is preparing its arguments in the battle against SEC.
Coinbase, the renowned cryptocurrency exchange, announced its plans to file an order on August 4th to dismiss the Securities and Exchange Commission's (SEC) lawsuit against the firm.
Chief Legal Officer Paul Grewal has publicly expressed strong confidence in the victory, sparking widespread attention in the crypto community.
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In a lawsuit filed on June 6th, the SEC claims that Coinbase sold unregistered securities and operated as an unregistered securities exchange.
The crypto exchange plans to argue that it did not list securities on its platform and the SEC lacks authority over crypto exchanges. Grewal emphasized the importance of the motion, stating:
Tomorrow <...> We will be moving the court for an order dismissing the case in its entirety.
The company also expects that briefs detailing its arguments will be fully considered by the court by October's end. Emphasizing the firm's position, Grewal was assertive in stating:
With respect to the litigation with the SEC, I want to be very clear. We do think we can win. We expect to win.
Beyond the legal battle, Grewal articulated Coinbase's commitment to achieving regulatory clarity in the US. Coinbase's CLO pointed out conflicting messages from regulators on Ether's legal status and mentioned that many current laws were “written well before the internet even existed.” He further elaborated:
The reason why we are so focused on pushing for regulatory clarity here in the US is that at present, under the status quo, we have very conflicting messages about what the law provides.
For Coinbase, the legal fight is about more than just winning a court case. Grewal concluded:
Regardless of any particular outcome on any motion or any court case, clarity itself is the goal. That's how we define winning.
Coinbase's move to seek dismissal of the SEC's lawsuit marks a significant move in the crypto world. The firm's bold action and determination to pursue regulatory clarity reflect broader industry concerns. With the eyes of the cryptocurrency enthusiasts focused on this case, its outcome could have lasting implications for the regulatory landscape of the crypto industry.
